FOR IMMEDIATE RELEASE October 25, 1999 CONTACT: Lisa Lacher, (515) 271-3119 DRAKE RECEIVES $2 MILLION GIFT FROM EMC INSURANCE COMPANIES Bruce Kelley, president and chief executive officer of EMC Insurance Companies, announced today that EMC has pledged $2 million to Campaign Drake, Drake University's $190 million fundraising effort. Kelley made the announcement at a luncheon for insurance executives on the Drake campus. "We are pleased with the insurance education that Drake University has provided to our employees and agents over the decades," he said. "We hope to further support and expand Drake's efforts with our gift." Drake President David Maxwell said, "We are very grateful for this gift from EMC, which will enable us to expand the activities of the Kelley Insurance Center and to enhance the insurance and actuarial science programs. This gift will enable us to develop a visiting scholar program that will enrich our academic offerings and be a wonderful resource for the local insurance community. We value this opportunity to expand and strengthen Drake University's partnership with the business community." Over the next several years, approximately $78,000 of the gift will be used to acquire computer hardware and software and to partially fund a new position for a site manager at the center. Another $350,000 will go for expansion of the center's programs and services and development of a Web site. The gift also will provide $750,000 to fund an EMC visiting scholar and $250,000 to help underwrite the distinguished professor of insurance chair. "EMC's continued support of the University and College of Business and Public Administration is greatly appreciated," said Joe Alber, dean of the college. "This gift will enable the Kelley Insurance Center and the academic programs in the college to assist the insurance industry in new and exciting ways. It will be possible, for example, to provide information and services through the Internet to a national audience." The EMC gift also includes $250,000 for the Drake Annual Fund and $130,000 to help students defray the cost of taking actuarial science exams. "The financial assistance that will be provided for students who are planning to enter the insurance field will be important in launching their careers," said Lis Spoerl, director of the Kelley Insurance Center. In addition, the gift provides $84,240 to continue the EMC Music Scholarship Program for four more years. The first EMC music scholarship, which covers full tuition for students who successfully audition for the Des Moines Symphony, was awarded during the 1995-96 academic year. The second scholarship was awarded for the 1999-2000 year. October 1999 marks the Insurance Center's fourth anniversary as the Kelley Insurance Center. The name honors the late Robb Kelley, Winifred Kelley and EMC Insurance Companies in recognition of the support the Kelley family and EMC Insurance Companies have given Drake University over the years. The Kelley Insurance Center provides many services to the insurance community, including: Support for the Drake insurance and actuarial science programs through scholarships, internships and job placement counseling. Professional designation examination preparatory classes for Chartered Property Casualty Underwriters and IIA exams, as well as actuarial exam review seminars. Special programs, such as the Archie R. Boe Distinguished Lectureship Series, the Insurance Education Institute for high school teachers, the Kenneth W. Smith Financial Regulation Program for insurance regulators and tailored programs to suit company special needs. A partnership with Experior Assessments LLC to develop agent licensing exams in 17 states and to provide continuing education administration.